Legal Assistance for Business Entities
Our Phoenix Business Lawyers Can Protect Your Future Interests
Finding the right kind of business entity for your endeavor can make all of the difference in the success of your business. It can help you avoid legal woes, such as taxation issues, further down the road. At Salvador Phillips, PLLC, our Phoenix business law attorneys can help you find a business entity that suits your business and draft all the necessary paperwork on your behalf. It can be a confusing and tedious process, but because we have extensive knowledge in the field of business law, we can guide you throughout its entirety from start to finish.
Have questions about a specific business entity? Call (602) 842-6222 to arrange an initial consultation.
The Different Kinds of Business Entities
We can help you with the following kinds of business entities:
- Sole proprietorship – The simplest form of business entity in which an individual conducts business in his or her own name or under a trade name.
- Partnership / joint venture – A partnership or joint venture is a form of business enterprise between two or more “individuals” (or entities) who participate for profit.
- Limited partnership – An entity formed under state law by two or more individuals or entities associated for conducting a business for profit. The LP consists of one or more limited partners and at least one general partner.
- Limited Liability Partnership (LLP) – These are formed under state law by two or more individuals or other entities associated for profit. Unlike a limited partnership where general partners have direct personal liability and limited partners do not, all of the partners of the LLP have limited liability.
- Limited Liability Limited Partnerships (LLLP) – Structured like a LP, it consists of one or more general partners and one or more limited partners. The general partners manage the LLLP, while the limited partners only hold a financial interest.
- Limited Liability Company (LLC) – Formed by one or more individuals under state law and is governed by the Articles of Organization filed with the state and the Operating Agreement. It is a hybrid business entity that shares the characteristics of a corporation and a partnership or sole proprietorship.
- S Corporation – A corporation organized under state law that has elected to be treated as a subchapter S corporation under federal tax law.
- C Corporation (Regular corporation) – Corporations can be closely held (have a few shareholders) or be publicly traded. The corporation’s shareholders elect directors and officers to manage the business of the corporation.
- Non-profit corporation – An entity that is formed for a socially beneficial and not-for-profit purpose. This status allows it to be exempt from federal taxation.
Need Legal Guidance? Contact Salvador Phillips, PLLC.
There are many advantages and disadvantages to the aforementioned business entities. We can carefully review the details of your business and recommend what kind of entity would be the best one for you. Whether you are a looking to start a business or are already running a business, you can place your trust in our legal insight and experience.
Call us to learn about how we can help you find the right business entity that is aligned with your goals.